Hayes attributes BTC drop to contracting dollar liquidity

BitMEX co-founder Arthur Hayes stated on X that the recent decline in Bitcoin (BTC) is unsurprising amid a contraction in U.S. dollar liquidity. He noted that dollar liquidity has fallen by approximately $300 billion in recent weeks, while the U.S. Treasury General Account (TGA) balance has increased by about $200 billion. Hayes suggested this is likely due to the U.S. government securing cash in preparation for a potential shutdown.